Title: The Potential IPOs of Circle and Ripple in 2024
According to a Bloomberg report, Circle, the stablecoin issuer behind USDC, is considering an initial public offering (IPO) in early 2024, with talks currently underway with advisors in preparation for the potential listing. However, there is no guarantee that it will proceed with the IPO.
Circle’s Valuation and Previous Attempts to Go Public
Circle had a valuation of $9 billion in its attempt to go public in 2022 through a blank check deal, with investors including Goldman Sachs, BlackRock, and Fidelity. The company has aspired to become a publicly traded US company and completed a deal to go public last year through a merger with Concord Acquisition Corp, a private equity firm led by former Barclays Bank chief executive Bob Diamond.
Ripple’s Potential IPO and Legal Battle with the SEC
In addition to Circle, there has been speculation about Ripple Labs going public. However, Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC) could potentially delay any plans for an IPO in 2024. According to crypto enthusiast and Dizer Capital founder Yassin Mobarak, Ripple CEO Brad Garlinghouse has mentioned that the SEC must approve Ripple’s S-1 form before it can go public, which is unlikely to happen while the company is in litigation with the SEC.
Ripple Launches New Payments Product
Ripple has unveiled its latest cross-border payments product, Ripple Payments, designed to improve the speed, efficiency, and cost-effectiveness of cross-border payments using blockchain technology. The company emphasized that the updated solution is built on “regulatory expertise” and offers “rapid onboarding” and expanded access to Ripple’s global network.
In addition, the company stated that the new product is a licensed solution for Fidelity National Information Services (FIs) and Small and Midsize Enterprises (SMEs), with integration to the XRP Ledger (XRPL) decentralized exchange (DEX), expanding its crypto liquidity options.
According to Monica Long, President of Ripple, this product evolution allows customers to tap into the crypto utility without being an expert in using the technology.
Figure 1: XRP’s pullback on the daily chart. Source: XRPUSDT on TradingView.com
### News source: bitcoinist.com